OppLoans Review – A Full Overview

OppLoans Review – A Full Overview

(10 customer reviews)
Loan Ammount
$500 up to $4,000
Loan term
Up to 24 months, depending on the state
Min. credit score
Est. APR
Add to compare
8.7/10 (Expert Score)
Product is rated as #3 in category Reviews on Payday Loans

OppLoans started operating in 2012 by offering fast, affordable cash for troubled borrowers. Compared to other direct lenders, rates tend to be lower, with extended repayment periods. Clients experiencing financial hardships should be particularly encouraged to apply. Also, customer service is highly personalized and available on demand.

However, APR rates are significant, so unless you've exhausted all other lending options, explore further possibilities. Generally, when we review lenders, we advise our readers to seek cheaper loans with percentage rates lower than 35%. Unless you qualify for a more affordable alternative, our OppLoan reviews can be a real live-saver.

With OppLoans, there's no minimum FICO score to get approved for a personal loan. Moreover, some of the loans get particularly tailored to meet applicants' needs with a not-so-perfect rating.

Customer Experience
  • No minimum credit score
  • Fast approval and funding
  • Refinancing loans
  • No history checks
  • Not available nationwide
  • High APR rates
  • Brief repayment terms
Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Company (Lender) Loan Amount Loan term Min. credit score Est. APR Funds available in
OppLoans_Logo $500 up to $4,000 Up to 24 months, depending on the state None 160% one business day

OppLoans is one of the most reliable direct lenders that meet the needs of people with bad credit scores. They don’t run extensive score checks, which is a great relief for those with not-so-good ratings. However, the amount you have to repay increased for the interest rate may not match your initial financing plans.

We went to great lengths to explore the crucial aspects of loan products that OppLoans offers. Below, we’ll explain the rates, repayment periods, fees, and loan amounts to help you decide if this lender fits your urgent needs. Rely on our honest and detailed information when it comes to borrowing a short-term personal loan.

What Is OppLoans, and Is It Legitimate?

OppsLoans review pros and cons

OppsLoans review pros and cons

This lending platform is legitimate and specialized in installment loans with decent repayment terms. Most products target clients with bad credit and therefore are transparent about their terms and conditions. Other indications and verified customers prove that the site is a real deal.

The fact that it’s legitimate means that OppLoans has rights reserved to impose a late fee for any belated payments. The more installments you miss, the more damage you can inflict on your score. If you default on a personal loan, debt collectors will step in as a last resort collection method.

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What Are OppLoans Rates?

Though rates with this lending company are relatively lower than those of payday operators, interest is still high. Depending on the specific loan amount and the repayment term, APRs can range from 99% to 199%. Of course, high APRs are an additional burden for loan recipients struggling to make ends meet.

In some instances, rates can reach a 199% APR if your rating is poor, and you have selected the most favorable terms. We advise applicants with higher credit scores and less immediate needs to seek funding elsewhere to avoid excessive interest rates.

For instance, an average lender with OppLoans takes approximately $1,350 as an installment loan. Let’s imagine a client from Oregon has agreed to repay his $2,000 loan over nine months. In this case, each of the nine installments will amount to $395.58. The total returned sum will be $3,560.22, including the interest of $1,560.22.

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Am I Eligible to Apply?

OppLoans imposes some hard requirements on its clients to make sure the entire process is smooth and professional. First, potential borrowers must be over 18 and live in one of the 37 eligible states. Then, you need to be employed or receive benefits and get your paycheck via direct deposit.

Though you needn’t have a specific credit score to bear in mind, an average client has a credit score of 550. Yet, you must earn over $1,500 gross income per month to have your application processed. Last, you must present proof of at least 40 days’ history for your bank account.

Furthermore, OppLoans runs no hard credit checks through the three main credit bureaus. It uses the services of an individual score reporting agency. Plus, you’ll never get forced to secure the loan with a car title or another collateral.

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How Long Does It Take to Hear Back From OppLoans?

The application process doesn’t take much time if you have documents ready. The application is intuitive and straightforward, so you should be able to fill it in within minutes.  After you link your bank account, their team will review and assess your loan request.

Most clients claim to have received approval shortly after applying, so expect to receive the final decision on a short note. Once the requested amount gets approved, funds may reach your account the next business day. In some cases, you’ll have to wait for a couple of days, but delays mostly depend on your bank.

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Is OppLoans Right for You?

If you’ve been wondering whether OppLoans is the right solution for your financial concerns, you’re reading the proper review. Their loans can soothe various needs, including emergencies, home improvement, and car repairs. Some major life events might also push you to apply for a personalized loan.

You can also use personal loans for debt consolidation. The excellent news is that you can settle medical bills, personal loans, and even bank cards. Loans aimed at debt consolidation can involve lower amounts to help borrowers pay off debts quicker.

Another great feature of OppLoans is the refinancing option. Refinancing is an excellent opportunity if you wish to take out another loan with improved terms. This way, you combine multiple loans in just one loan with lower interest rates and an extended repayment period. You can even free up some additional cash.

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Verified Clients’ Comments

The following comments are some legit OppLoans reviews to give you an idea of how satisfied customers of this service were:

“Great experience with my loan. Most places wouldn’t approve me for a loan because of my credit. It’s high interest, of course, but there are not many options when you don’t have good credit. Funds were deposited in about a day. Would definitely use them again!”

“159% interest. $1,000 loan pay back $1,600. Just too much interest for such a small loan to help my credit. I did not accept the terms. A $4,000 loan would pay back $10,000…. Too much interest.”

“When in a bind, OppLoans is a lifesaver. They are fast, everything is done online, and they have the best rates. They give large amounts for not that much per paycheck. Thanks to them, they even allowed me to refinance my current loan to get another one.”

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Final Word

OppLoans are available in 37 states across the US, so you have to reside in some of these areas to apply. Once approved, most personal loans will reach your bank account the next business day. Though OppLoans circumvents credit checks and equally considers bad scores, you’ll have to repay the loan within 24 months in most states.

Before starting, check whether you qualify for the loan. Then, make sure you’re able to repay the loan on time and in full. All in all, our OppLoans review suggests taking out high-interest personal loans only as a last resort.

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Is OppLoans safe?

Taking out a personal loan with OppLoans is safe, but specific financial solutions might not appeal to everyone. APR rates are high, and borrowers get obliged to pay back considerably larger amounts than the initial loan amount.

Is OppLoans a payday loan?

OppLoans are an excellent alternative to payday loans but aren’t identical. They differ from regular payday loans in several ways. First, APR rates tend to be lower and repayment terms longer. Then, approved loan amounts are higher, and clients don’t have to repay one lump sum as with payday loans.

Does OppLoans report to the credit bureau?

Apart from Texas, any of your OppLoans products get reported to the three main credit bureaus. On the one hand, reporting can be a good thing for building up a better score. On the other hand, defaulting on your loan and belated payments can damage your credit rating.

Does OppLoans affect your credit score?

Any loan, including an Opps Loan, will affect your credit history. If your lender reports on-time payments on your behalf, credit bureaus boost your score. However, OppLoans offers custom-made loans to help applicants gradually improve their scores.

Terms: OppLoans Review – A Full Overview

Loan amount $500 up to $4,000
Loan term Up to 24 months, depending on the state
Min. credit score None
Est. APR 160%

Photos: OppLoans Review – A Full Overview

10 reviews for OppLoans Review – A Full Overview

3.7 out of 5
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  1. Olivia A

    OppLoans has high interest rates but they are legit and easy to apply. They even boasted my credit score because I repaid my loan installments on time.

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  2. Amelia I

    OppLoan is an option for people with bad credit scores like myself. I couldn’t get a loan anywhere else. So I am thankful for the opportunity because I was in emergency and late with some payments.

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  3. Isla A

    Their platform is user friendly and easy to navigate. Everything is fast, from applying to getting money. High interest rates but that was expected with loans like this.

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  4. Ava M

    In my opinion their interest rates are very high for these types of loans. I rejected their offer. It was too much money for a small sum borrowed.

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  5. Mia I

    Everything is fast with OppLoans. They have great service. I got the money within one business day. I am grateful they saved me. I will recommend them to anyone.

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  6. Ivy L

    I have never been in a situation that I have to borrow money. But with the Covid and everything that was going on I was late with some payments. They suit my needs fast and efficient. Thank you.

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  7. Lily I

    The loans they offer are a burden. I got into the cycle of debt and late payments. I needed two years ti repay all my installments. Not a great option.

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  8. Isabella R

    I won’t comment their APR that is really high. Their platform is a mess. I have lost myself and I couldn’t contact the customer care. My experience is not great with this platform.

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  9. Rosie S

    I needed the money fast and they service me fast. I am thankful that I could get the money on time. From the application process till the money was on my account it only passed a few hours. Thank you.

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  10. Sophia G

    Their fees are smaller compared to other lenders with this type of loan. And they are meant to service people with bad credit score that can not take a traditional bank loan.

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